Accounting assignment 1
You are provided with the following information for Blue Spruce Corp., effective as of its April 30, 2017, year-end.
| Accounts payable |
$ 859 |
| Accounts receivable |
1,010 |
| Accumulated depreciation-equipment |
670 |
| Cash |
1,470 |
| Common stock |
1,500 |
| Cost of goods sold |
1,085 |
| Depreciation expense |
310 |
| Dividends |
350 |
| Equipment |
2,620 |
| Income tax expense |
190 |
| Income taxes payable |
160 |
| Insurance expense |
235 |
| Interest expense |
425 |
| Inventory |
1,167 |
| Land |
3,300 |
| Mortgage payable |
3,700 |
| Notes payable |
261 |
| Prepaid insurance |
85 |
| Retained earnings (beginning) |
1,600 |
| Salaries and wages expense |
675 |
| Salaries and wages payable |
247 |
| Sales revenue |
5,300 |
| Stock investments (short-term) |
1,375 |
1. Prepare an income statement for Blue Spruce Corp. for the year ended April 30, 2017.
2. Prepare a retained earnings statement for Blue Spruce Corp. for the year ended April 30, 2017.
3. Prepare a classified balance sheet for Blue Spruce Corp. as of April 30, 2017.